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Laboratory Exercise 2 - Intermediate Accounting 3

This document provides a trial balance for Rudy Corporation as of September 30, 2X20 to analyze in a laboratory exercise on statements of financial position for small and medium-sized entities. The objectives are for students to analyze the components of a statement of financial position for an SME. The trial balance includes accounts for cash, accounts receivable, inventory, property and equipment, accounts payable and accrued liabilities, income tax payable, deferred tax liability, share capital, share premium, retained earnings, sales and other revenue, costs and expenses, and income tax expense.

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Zeniah Louise
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416 views2 pages

Laboratory Exercise 2 - Intermediate Accounting 3

This document provides a trial balance for Rudy Corporation as of September 30, 2X20 to analyze in a laboratory exercise on statements of financial position for small and medium-sized entities. The objectives are for students to analyze the components of a statement of financial position for an SME. The trial balance includes accounts for cash, accounts receivable, inventory, property and equipment, accounts payable and accrued liabilities, income tax payable, deferred tax liability, share capital, share premium, retained earnings, sales and other revenue, costs and expenses, and income tax expense.

Uploaded by

Zeniah Louise
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Laboratory Exercise

Statement of financial position for Small and


Medium-Sized Entity (SME)

Objectives:

At the end of the exercise, the students should be able to:

 Analyze the components of the statement of financial position for Small and Medium-Sized Entity (SME)

Equipment:

 Computer
 MS Excel

Rudy Corporation provided the following trial balance on September 30, 2X20, which had been adjusted, except for income
tax expense:

Cash 675,000
Accounts receivable (net) 2,695,000
Inventory 2,185,000
Property, plant, and equipment (net) 10,245,000
Accounts payable and accrued liabilities 1,800,000
Income tax payable 1,500,000
Deferred tax liability 750,000
Share capital 2,500,000
Share premium 3,000,000
Retained earnings, January 1 3,350,000
Net sales and other revenue 15,000,000
Cost and expenses 10,000,000
Income tax expense 2,100,000
27,900,000 27,900,000

The accounts receivable included P1,000,000 due from customers and payable in quarterly installments of P125,000. The
last payment is due September 30, 2X22. During the year, the estimated tax payment of P600,000 was charged to income
tax expense. The income tax rate is 30% on all types of income.

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